Business
Wale Edun: FG To Curb Rising Inflation With ‘Cut In Money Supply
Wale Edun: FG To Curb Rising Inflation With ‘Cut In Money Supply
The Federal Government plans to cut the cash in circulation to rein in inflation, Minister of Finance and Coordinating Minister for the Economy (CME), Mr. Wale Edun, hinted.
He said the measure became imperative to keep rising inflation at a desirable and stable level.
Edun, who was inaugurated on Monday as a minister, spoke in Abuja while chairing the Federation Account Allocation Committee (FAAC) meeting.
“There should be discipline in money supply to control inflation in the nation’s economy,” the minister told FAAC members.
By emphasizing discipline in money supply, the CME Finance minister is referring to the need to carefully regulate the creation and circulation of money in the economy.
On the monetary side, it involves controlling the growth of the money supply through various measures, such as adjusting interest rates, open market operations, or setting reserve requirements for banks.
On the Fiscal side, caution will be required on how the federal, state, and local governments disburse money.
By maintaining discipline in the money supply, the government aims to keep inflation within a target range that is conducive to stable economic growth and price stability.
Ultimately, the objective is to strike a balance between ensuring adequate money supply to support economic growth and preventing excessive inflation that can erode the value of currency and cause economic instability.
The finance minister also noted that there was a need for government to mobilize resources to deliver on its mandate to increase employment and reduce poverty.
The FAAC agreed to share N966.11 billion as federal allocation to the three tiers of government last month.
The amount was shared from total gross revenue of N1.746 trillion.
The total revenue was made up of statutory revenue of N397.42 billion; Value Added Tax (VAT) revenue of N271.95 billion; Electronic Money Transfer Levy (EMTL) revenue of N12.84 billion and Exchange Difference revenue of N283.9 billion.
For last month, the total deductions for the cost of collection came to N62.42 billion, while the total deductions for savings, transfers, refunds, and tax credit cancellation amounted to N717.96 billion.
The Excess Crude Account (ECA) stood at $473,754.57.
A communiqué made available to reporters after the meeting further detailed the distribution of the total distributable revenue.
Of the N966.11 billion, the Federal Government got N374,48 billion, the state (N310.67 billion) and the 774 local government areas went home with N229.41 billion.
Additionally, N51.55 billion was shared among the relevant states as 13 percent derivation revenue.
The gross statutory revenue for the month of July was N1.15 trillion, which was lower than the N1.15 trillion generated in the preceding month (June) by N2.49 billion.
From the available N397.42 billion as statutory revenue, the federal government was given N190.49 billion, the 36 states got N96.62 billion and the councils shared received N74.49 billion.
The oil producing states got N35.82 billion as 13 per cent derivation.
For July, the available gross revenue from VAT was N298,79 billion, which was higher than the N293.41 billion available in June by N5.38 billion.
The federal government received N40.792 billion, the states (N135.97 billion) and councils (N95.18 billion) from the N271.94 billion distributable VAT revenue.
The N12.84 billion EMTL was shared among the federal government, which got N1.93 billion, the state governments, which received N6.42 billion and the local government areas (N4.49 billion).
From the N283.9 billion Exchange Difference revenue, the Federal Government received N141.28 billion, the state governments (N71.66 billion, the councils received N55.245 billion, and N15.72 billion was shared among the relevant states as 13 percent mineral revenue.
The communiqué noted that Imports and Excise Duties, as well as Electronic Money Transfer Levy (EMTL), saw significant increases for last month.
There were notable declines in revenues from VAT, Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and Oil and Gas Royalties.
Business
WFA APPOINTS GLOBAL BRAND EXECUTIVES TO EXPANDED LEADERSHIP COMMITTEE
WFA APPOINTS GLOBAL BRAND EXECUTIVES TO EXPANDED LEADERSHIP COMMITTEE
STOCKHOLM — The World Federation of Advertisers (WFA) has announced the appointment of senior executives from leading global brands to its Executive Committee, in a move aimed at strengthening its global influence and industry coordination.
The appointments were unveiled during the WFA Global Marketer Week held in Stockholm.
The new members, drawn from top multinational corporations, include executives from Driscoll’s, Haleon, IKEA and Nissan. They join an already influential body comprising marketing and corporate affairs leaders from major companies such as Best Buy, Danone, Diageo, Grab, Kenvue and Tata Group.
Also joining the Executive Committee are representatives of key advertiser bodies, including Josh Faulks, Chief Executive Officer of the Australian Association of National Advertisers; Simon Michaelides, Director General of the Incorporated Society of British Advertisers; and O’tega Ogra, Vice President of the Advertisers Association of Nigeria and Senior Special Assistant to the President of Nigeria on Digital Communications, Engagement and New Media Strategy.
WFA President David Wheldon and Deputy President Philip Myers of Ferrero will continue in their roles, alongside all regional vice presidents.
The newly appointed members are:
Jiunn Shih, Global Chief Marketing Officer, Driscoll’s
Silas-Lewis Meilus, Global Head of Media Operations, Haleon
Joel Renkema, Global Head of Insights, IKEA
José Román, Corporate Executive, Global Sales and Marketing, Nissan
Josh Faulks, CEO, AANA
Simon Michaelides, Director General, ISBA
O’tega Ogra, Vice President, ADVAN
Industry observers say the expanded committee reflects WFA’s commitment to deeper global collaboration and stronger representation across regions and sectors within the marketing and advertising ecosystem.
Business
FORENSIC INVESTIGATION REVEALS FABRICATED X ACCOUNT TARGETING INEC CHAIRMAN – CPS
FORENSIC INVESTIGATION REVEALS FABRICATED X ACCOUNT TARGETING INEC CHAIRMAN – CPS
The Chief Press Secretary (CPS) to the Chairman of the Independent National Electoral Commission (INEC), Mr. Adedayo Oketola, has said that a purported X (formerly Twitter) account attributed to the Commission’s Chairman, Prof. Joash Ojo Amupitan, SAN, is fake and part of a coordinated disinformation campaign.
In a public statement issued on Monday in Abuja, Mr. Oketola disclosed that a comprehensive, multi-layered forensic investigation conducted by independent cybersecurity experts has conclusively established that the INEC Chairman does not operate any personal X account.
He said, “The Independent National Electoral Commission (INEC) , committed to a full forensic investigation, commissioned an independent forensic cybersecurity expert, who conducted a multi-layered forensic and digital investigation using X platform data, internet archive records, OSINT tools, identity forensics and cross-platform analysis.”
Oketola stressed that all posts, replies, and screenshots linking him to the handle @joashamupitan are fraudulent, forensically unverifiable, and technically impossible.
The controversy began on April 10, 2026, when viral social media posts alleged that the Chairman made a partisan comment — “Victory is sure” — in response to another user, supported by screenshots and purported digital records.
However, the CPS said the forensic investigation uncovered clear evidence of fabrication and impersonation, highlighting the following key findings:
· No Digital Linkage: There is no connection between the disputed X account and Prof. Amupitan’s verified email addresses or phone numbers, as multiple recovery and verification attempts failed to establish any link.
· False BVN/OPay Claims: Data used to suggest ownership of the account only confirms identity and does not establish control of any social media handle, making such claims a logical fallacy.
· Timestamp Manipulation: The alleged reply “Victory is sure” was posted 13 minutes before the original tweet it responded to—an occurrence that is technically impossible and definitive proof of fabrication.
· No Historical Record: Searches on the Internet Archive’s Wayback Machine showed zero evidence of the account or its alleged activity prior to April 2026.
· Non-Existence on X Platform: Live checks confirmed that the alleged reply does not exist and has never existed on the platform.
· Account Renaming Pattern: On the same day the screenshots went viral, the account was renamed @sundayvibe00, set to private, and labelled a “parody account,” indicating deliberate impersonation and damage control.
· Coordinated Multi-Platform Impersonation: At least seven fake accounts across Facebook and Instagram using the Chairman’s identity were identified, pointing to a sustained disinformation effort.
“The forensic evidence is comprehensive, multi-sourced, and unambiguous. The posts attributed to Prof. Joash Ojo Amupitan on X are fabricated. The account is a clear case of impersonation,” Mr. Oketola said.
Quoting one of the independent investigators, he described the development as “a coordinated digital impersonation and disinformation campaign,” warning that advances in artificial intelligence had made it easier to fabricate misleading content.
He urged the public to avoid sharing unverified information, noting that “the fact that content goes viral does not make it authentic,” and called on media organisations to prioritise accuracy over speed.
Mr. Oketola said the independent forensic report had been referred to the law enforcement agencies for necessary action. He also appealed to law enforcement agencies to investigate the origin of the fake account and prosecute those responsible under the Cybercrimes (Prohibition, Prevention, etc.) Act.
He said, “Media organisations, in particular, have a duty to apply strict forensic verification standards to social media posts and screenshots before publishing them, especially when such content implicates public officials or carries serious consequences for public trust and institutional credibility. Accuracy, not speed, must guide reporting in matters of this nature.”
He reiterated that all official communications from INEC are disseminated exclusively through its verified platforms, including its website (www.inecnigeria.org), verified X account (@inecnigeria), official Facebook page, online news portal (www.inecnews.com), formal press statements from its headquarters in Abuja, and official media briefings. Any account purporting to represent the INEC Chairman in a personal capacity, he said, should be treated as fraudulent unless formally verified by the Commission.
Business
How FirstBank is investing in Its People and Building Future Leaders
How FirstBank is investing in Its People and Building Future Leaders
For an average 9-5er, having a job isn’t enough. You want a career that grows with you, gives you stability, and opens doors to bigger opportunities. People everywhere are looking for workplaces that don’t just pay salaries but actually invest in their staff, helping them learn, lead, and succeed.
That’s exactly what FirstBank is doing. The Bank is building a future where every employee has the opportunity to grow, lead, and thrive. Through its human capital management and development agenda, FirstBank is creating numerous pathways for staff to transform their careers and become tomorrow’s leaders.
Conversion Programme: Turning Opportunities Into Careers
Needless to say that there is no desire for the 9-5er to remain in a temporary role when they can secure a full-time career. With FirstBank’s Conversion Programme, eligible non-core employees who have served for at least one year can transition into permanent positions. This initiative ensures that hardworking staff are rewarded with stability, growth, and the chance to contribute more meaningfully to the Bank’s success.
Leadership Programmes: Grooming the Next Generation
FirstBank has designed three flagship programmes to identify and nurture high-potential talents:
- FirstBank Management Associate Programme (FMAP): A 24-month fast-track initiative that grooms future middle managers. Upon completion, participants are promoted to Assistant Manager grade, regardless of their previous grade.
- Leadership Acceleration Programme (LAP): Focused on preparing internal middle-management talents for leadership responsibilities, ensuring the Bank’s succession pipeline remains strong.
- Senior Management Development Programme (SMDP): A programme for senior managers who are proven leaders in their functions and critical to the Bank’s succession plan.
These programmes are not just training—they are career accelerators, designed to put staff on the fast lane to leadership.
FirstAcademy: Learning With Global Standards
Backing these initiatives is FirstAcademy, FirstBank’s corporate university, accredited by the Chartered Institute of Bankers of Nigeria (CIBN).
Staff also benefit from partnerships with institutions like Rome Business School and Association of Chartered Certified Accountants (ACCA), gaining access to world-class training—often at discounted rates
A Workplace That Values People
FirstBank’s parent company, First HoldCo PLC, was named second in the Best Workplaces in Financial Services in Nigeria. The Bank remains firmly committed to responsible employment practices, ensuring that all colleagues are treated with dignity, fairness, and respect.
The Future Is Human
With these initiatives, FirstBank is showing that its greatest investment is its people. By empowering staff through various growth opportunities, the Bank is not just building a workforce, it is cultivating leaders who will shape the future of banking in Nigeria and beyond.
-
news4 months agoWHO REALLY OWNS MONIEPOINT? The $290 Million Deal That Sold Nigeria’s Top Fintech to Foreign Interests
-
celebrity radar - gossips3 months agoDr. Chris Okafor Returns with Power and Fire of the Spirit -Mounts Grace Nation Altar with Fresh Anointing and Restoration Grace on February 1, 2026
-
celebrity radar - gossips6 months agoEnd of an Era: Nigeria Mourns Evangelist Dr. Uma Ukpai, 80
-
celebrity radar - gossips4 months agoProphet Kingsley Aitafo Releases 2026 Prophecy: ‘Nigeria Will Rise, but the World Must Prepare for Turbulence’








